Owner To Owner Podcast

James Meldrum co-founder of Whole Kids on a tumultuous 18 years. Rich insights for all founders and owners.

Episode Summary

James and Monica Meldrum built a business that lasted 18 years. The business is now in Voluntary Administration. It's compelling listening as James candidly reflects on the many high's and low's, and how he's now looking to helping founders create more impact, personally and professionally.

Episode Notes

@James Meldrum, co-founder of @Whole Kids, shares the journey of starting and growing a purpose-driven business in the organic food industry. 

He talks about how he and his co-founder wife Monica tackled the many challenges they faced over 18 years and up until entering Voluntary Administration late in 2023. 

"We lost about a third of our revenue overnight because we were servicing the airlines with kids meals and special meals."

Like a lot of startups the business was initially self-funded with some contributions from family and friends. Later they tapped into bank lending and debtor finance to support their growth. Eventually, they conducted a successful crowdfunding campaign to bring in more investors. 

The discussion spans; 

• 3 potential sales of the business - the emotional highs and distraction they bring to founders 
• dealing with the pressures of growth
• the impact of external events like COVID-19, and 
• the importance of personal well-being. James shares his insights on the need for founders to prioritize their own mental health and find a balance between business growth and personal values
• James'  plans to help other founders and startups through his consultancy

Overall, the conversation highlights the highs and lows of entrepreneurship and the lessons learned along the way.

Key takeaways

• Why starting a purpose-driven business in a niche market requires perseverance but also a strong alignment of personal values with the business mission
• The extra challenges female co-founders need to deal with
• Focus on finding investors who understand and appreciate the business's purpose and values
• Potential acquisition discussions can be complex and require careful consideration of cultural fit and alignment of values
• Handing over a business to a good home can provide an opportunity for founders to take a step back, capitalize on their hard work, and focus on personal and family priorities
• How dealing with the pressure to constantly grow can adds complexity and stress to a business
• Focus on a growth rate that is sustainable and aligned with personal values
• External events like COVID-19 can have a significant impact on a business, and being financially strong and structurally sound can help weather the storm
• Founders should prioritize their own mental health and well-being, and seek support from trusted friends or advisors who can provide a listening ear and guidance
• Businesses can make a positive impact and thrive by aligning their purpose and values with their operations, and focusing on both profit and impact.
• Sharing experiences and lessons learned can be valuable for other founders and startups, and providing support and guidance can help them navigate the challenges of entrepreneurship

"Even if you're looking at employing someone or bringing on someone as an investor, if you think you can sit next to this person on a plane for three hours and have great in-depth conversations, then they're the right person to bring in."